Beijing ¨C When Xi Jinping took command of the Communist Party in late 2012 and proclaimed ¡°only socialism can save China,¡± it was largely ignored as the perfunctory mention of an antiquated slogan ¡ª not to be taken literally in a modern-day, market-powered economy.
But sweeping new policy moves ¡ª from crackdowns on internet companies, for-profit education, online gaming and property market excesses to the promulgation of ¡°Common Prosperity¡± ¡ª show Xi¡¯s seriousness in steering China back toward its socialist roots.
Having done away with term limits in 2018, China¡¯s most powerful leader since Mao Zedong is pushing what some observers describe as a mini ¡°revolution,¡± curbing the excesses of capitalism and shedding negative cultural influences of the West.
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